Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
fitzalan
New Member

I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?

 
4 Replies
fanfare
Level 15

I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?

it doesn't matter what IRA the money came from .

The total taken must add up to the RMD for the total value of your IRAs at the end of the year.
After that there's nothing  special to do.

Note: different rule for 401ks.

fitzalan
New Member

I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?

So, do I need to report the other IRA amount so they can calculate whether the RMD is enough?

fanfare
Level 15

I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?

No.

There's no place to report that (unless you are attaching Form 8606)

 

We're all on the honor system here.

ThomasM125
Employee Tax Expert

I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?

You can only report an IRA distribution in the online version of TurboTax. The distribution would be reported on form 1099-R.

 

If you made the proper RMD amount based on your investment in both funds, then you don't need to do anything further.

 

If you didn't take enough RMD, then you need to file form 5329, Part IX to report that. You can find that form in the desktop version of TurboTax. 

 

You should call your fund managers and ask them to help you determine what your RMD is.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v